Zurich-based asset manager GAM has hired a new chief financial officer to assist with its plans to streamline and acquire new businesses.

GAM is based in Zurich

Richard McNamara is currently managing director of finance at Henderson Group, which he joined in 2009. During his time with the firm, he has helped with the integration of a range of acquisitions, including UK-based boutique Gartmore Group in 2011 and US-based Northern Pines Capital in 2013.

GAM’s chief financial officer Marco Suter, who joined the firm in 2010, will step down by the end of this year. McNamara will join GAM and take Suter’s seat on its group management board in the second half of 2015.

A spokeswoman for GAM said chief executive Alex Friedman, who took over from David Solo last September, is proceeding with a streamlining initiative. As part of this, GAM will cease to use its Swiss & Global Asset Management brand for funds which comprise a third of assets under management, totalling $127 billion.

The spokeswoman said McNamara would help with the internal reorganisation and that his skills will also be employed in bedding down acquisitions. GAM announced a two-year expansion plan during its 2014 full-year results presentation in March.

“We are particularly interested in the US,” the spokeswoman said, while stressing it was not GAM's only focus.

She added that GAM would consider buying managers of alternatives, distressed debt or absolute return assets with a high-net worth or institutional client base. GAM is also prepared to negotiate distribution deals in Asia.

The asset manager is free of debt and well-positioned to raise acquisition finance, though the spokeswoman stressed it would want any future debt issuance to retain investment-grade status. GAM’s market capitalisation is equivalent to $3.7 billion.

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An investment banker said: “GAM has shown interest in acquisitions for some time, but it has failed to follow through. The arrival of McNamara, suggests it is getting more serious.” He said he had heard that GAM could be interested in deals worth $100 million or more.

The spokeswoman declined to confirm potential values, but stressed it was prepared to be flexible. It will also consider team lifts.

Roger Thompson, chief financial officer at Henderson, said: “Having been with Henderson for over six years, Richard’s move to a broader CFO remit is a logical next step and we wish him well in this new role. I have a strong team under Richard and am considering a number of options on how to replace him, as he remains with us for several months.”